White House economic advisers are offering critical comments about gasoline taxes in a new report, as President Donald Trump is said to be open to raising them to pay for his plan to rebuild U.S. roads ...

U.S. gasoline consumption has levelled off as the stimulus provided by low and falling oil prices between 2014 and 2016 has faded, so refiners are increasingly turning to diesel and customers in emerging markets. U.S. gasoline consumption is forecast to rise by just 40,000 barrels per day (bpd) in 2018, after remaining essentially unchanged last year, according to the U.S. Energy Information Administration. Slower consumption growth stands in contrast to the earlier surge when usage rose by almost 260,000 bpd in 2015 and another 140,000 bpd in 2016 ("Short-Term Energy Outlook", EIA, February 2018).

U.S. President Donald Trump endorsed hiking the federal gasoline tax by 25 cents a gallon in a meeting with lawmakers on Wednesday about funding his infrastructure spending proposal, a Democratic lawmaker said. Senator Tom Carper, who attended the meeting, confirmed a report by online publication Axios that the Republican president had backed the increase. "To my surprise, President Trump, today in our meeting, offered his support for raising the gas and diesel tax by 25 cents a gallon and dedicating that money to improve our roads, highways, and bridges," Carper said in a statement.

ASHGABAT, Turkmenistan (AP) — Turkmenistan, which once provided drivers a quota of free gasoline every month, has raised its pump prices by 50 percent as the country struggles with low prices for its mainstay export of natural gas.

Oil prices rebounded from earlier losses to end higher on Wednesday, after the U.S. Energy Department said oil inventories rose for the first time in nearly three months, but was offset by strong demand for gasoline and distillate products and news that OPEC countries maintained heavy supply cuts in January. Crude oil futures ended higher for the fifth straight month, with U.S. futures gaining 7.7 percent in January, the best month for the contract since September. The Organization of the Petroleum Exporting Countries and other producers including Russia continued their strong adherence to supply cuts, according to a Reuters survey.

Oil prices rebounded from earlier losses to end higher on Wednesday, after the U.S. Energy Department said oil inventories rose for the first time in nearly three months, but was offset by strong demand for gasoline and distillate products and news that OPEC countries maintained heavy supply cuts in January. Crude oil futures ended higher for the fifth straight month, with U.S. futures gaining 7.7 percent in January, the best month for the contract since September. The Organization of the Petroleum Exporting Countries and other producers including Russia continued their strong adherence to supply cuts, according to a Reuters survey.

By David Gaffen NEW YORK (Reuters) - Oil prices rebounded from earlier losses to end higher on Wednesday, after the U.S. Energy Department said oil inventories rose for the first time in nearly three months, but was offset by strong demand for gasoline and distillate products and news that OPEC countries maintained heavy supply cuts in January. Crude oil futures ended higher for the fifth straight month, with U.S. futures gaining 7.7 percent in January, the best month for the contract since September. The Organization of the Petroleum Exporting Countries and other producers including Russia continued their strong adherence to supply cuts, according to a Reuters survey.

Oil prices rebounded from earlier losses to end higher on Wednesday, after the U.S. Energy Department said oil inventories rose for the first time in nearly three months, but was offset by strong demand for gasoline and distillate products and news that OPEC countries maintained heavy supply cuts in January. Crude oil futures ended higher for the fifth straight month, with U.S. futures gaining 7.7 percent in January, the best month for the contract since September. The Organization of the Petroleum Exporting Countries and other producers including Russia continued their strong adherence to supply cuts, according to a Reuters survey.

U.S. crude stocks rose more than expected last week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. "Strong demand in the major refined products ...

By Leah Schnurr OTTAWA (Reuters) - Canada's annual inflation rate dipped as expected in December as gasoline prices cooled, but analysts said the Bank of Canada was likely to stay on a policy-tightening path with inflation still near the central bank's 2 percent target. The annual inflation rate was 1.9 percent last month, Statistics Canada said on Friday, down from 2.1 percent in November and matching economists' forecasts. Underlying inflation continued to perk up, with two out of three of the central bank's measures of core inflation higher.

Canadian retail sales rose less than expected in November as higher sales of gasoline and electronics were tempered by a decline in new car purchases, data from Statistics Canada showed on Thursday. Sales rose in six out of 11 sectors, accounting for 37 percent of total retail trade. Sales at gasoline stations rose 5.9 percent, up for the third time in four months, as consumers faced higher prices at the pump.

Canadian retail sales rose less than expected in November as higher sales of gasoline and electronics were tempered by a decline in new car purchases, data from Statistics Canada showed on Thursday. Sales rose in six out of 11 sectors, accounting for 37 percent of total retail trade. Sales at gasoline stations rose 5.9 percent, up for the third time in four months, as consumers faced higher prices at the pump.